Los Angeles Capital Management LLC lessened its stake in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 11.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 34,526 shares of the basic materials company’s stock after selling 4,304 shares during the period. Los Angeles Capital Management LLC’s holdings in Carpenter Technology were worth $11,009,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology in the second quarter worth about $28,000. Armstrong Advisory Group Inc. lifted its holdings in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 43 shares during the period. Spire Wealth Management lifted its holdings in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 84 shares during the period. Headlands Technologies LLC acquired a new position in Carpenter Technology in the second quarter valued at approximately $43,000. Finally, Rakuten Securities Inc. acquired a new position in Carpenter Technology in the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have issued reports on CRS shares. Susquehanna boosted their price target on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a report on Thursday, April 30th. KeyCorp boosted their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. BTIG Research boosted their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, TD Cowen lifted their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average price target of $458.63.
Carpenter Technology Stock Up 3.4%
CRS opened at $500.18 on Tuesday. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $501.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The company has a fifty day moving average of $433.74 and a two-hundred day moving average of $377.93. The stock has a market capitalization of $24.85 billion, a price-to-earnings ratio of 52.65, a PEG ratio of 1.79 and a beta of 1.25.
Carpenter Technology (NYSE:CRS – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same quarter in the previous year, the company earned $1.88 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, research analysts expect that Carpenter Technology Corporation will post 10.55 earnings per share for the current year.
Carpenter Technology Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is presently 8.42%.
Insiders Place Their Bets
In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is currently owned by insiders.
Carpenter Technology Profile
Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.
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